Summary of the Series:
Regardless of whether or not an athlete makes the Olympic team, the Olympics serves as the culmination of a quadrennial plan. In the ensuing autumn, interesting challenges and options for pro swimmers exist in the areas of business, training, and competition. In this three-part series, we will look at the facts and trends in these three areas. 

Part 1: The Infancy of the Quad: The Financial Considerations of Another Run

As many in the media continue to evaluate the "Michael Phelps Era," a CNNMoney feature demonstrates how Phelps' impact has generated an influx of new money into the sport of swimming via corporate sponsorships that stem from rising social interest. Phelps has been a figurative tidal wave, and the next generation should be thankful that a rising tide lifts all boats. Swimming has been elevated to an almost unrecognizable echelon compared to 20 years ago. However, the business considerations for many Olympians can be somewhat short-lived, and the sponsorship and personal funding mechanisms are not always straightforward.  

Probably the most consistent source of funding is the USA Swimming Athlete Partnership Agreement (APA), which is around $42,000 a year plus health insurance. Athletes who sign this must agree to the terms or risk forfeiture or penalties. The agreement is a saving grace for many athletes, but it requires a certain performance and training standard. Simply put, as their world ranking in 2017 determines their level of funding for 2018, professional swimmers must balance other commitments with training. Furthermore, only Olympic team members will be funded through the fall. So if you didn't make it to Rio, see below:

1. If your are in college…go back. If not, see No. 2.

2. If you are a highly ranked pro who has just missed an Olympic team, then evaluate these questions:

A. What do my endorsement deals look like? What are the terms? What are my training obligations?

B. If I am going to take a break from swimming, how am I going to finance my training through 2020 if I fail to qualify for the APA?

The USA Swimming Grand Prix meets and World Cup stops also provide athletes the opportunity to collect prize money. Speaking appearances (if an athlete has a booking agent or is a member of a speaker's bureau) and clinic opportunities like the Fitter and Faster Tour or Mutual of Omaha's Breakout Swim Clinics offer both Olympic team members and non-Olympic team members alike the opportunity to supplement their incomes and broaden their exposure. 

So yes, the Phelps era has yielded the next generation the greatest opportunity for success in the history of the sport. But like any niche of modern capitalism, strength of individual brands and opportunities for funding will always intersect with the need to "take care of business in training." This delicate balance, regardless of the sport, separates the savvy pro from those looking in from the outside.

By Davis Tarwater